Economists predict that the US economy grew at an annualized rate of 6.1% in the first three months of the year — faster the than the 4.3% recorded at the end of 2020, but far slower than the enormous 33.4% jump in the second quarter of 2020 when the economy started to reopen.

An “annualized” rate is not the same as measuring one quarter to the next; annualizing assumes a quarterly rate would continue for a full year. Economists typically use the annualized rate for US GDP because it makes it easier to compare numbers over different periods of time.

Before the pandemic hit, US gross domestic product, the broadest measure of economic activity, grew on average some 2.5% per quarter on an annualized basis. During the pandemic, the economy ground to a halt, and GDP contracted at a record pace.
Looking at GDP in dollars, rather than just the percentage change, it is more obvious that America is still in a deep hole. It will take more…

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